Gold Silver Price Fall: Gold-silver prices continue to fall after the budget. With the announcement of reduction of Custom Duty, gold has become cheaper by about 1500 rupees per 10 grams and silver by about 1 thousand rupees per kg.
Gold Price after Budget 2021: Now there is going to be a chance to buy gold cheaply. Finance Minister Nirmala Sitharaman has drastically reduced the Custom Duty on gold and silver in the budget. The effect of the government’s announcement was that the gold prices on MCX have suddenly come down.
Custom duty reduced by 5% on gold-silver
Finance Minister Nirmala Sitharaman has reduced the custom duty on gold and silver prices from 12.5 percent to 7.5 percent. The Finance Minister has taken these steps to prevent smuggling of gold. With the reduction of custom duty, it is expected that the prices of gold and silver may come down in the coming days.
Duty reduced on one side, cess on the other side
However, with the reduction of customs duty, the Finance Minister has imposed two new cess. 2.5 percent agricultural infrastructure development cess (AIDC) and 0.23 percent social welfare cess have been imposed. Despite this, the prices of gold are expected to come down. Let us tell you that in July 2019, the government had increased the custom duty from 7.5 per cent to 2.5 per cent to 10 per cent, after which the prices of gold and silver had increased significantly. A GST of 3 per cent is levied separately above the 12.5% Custom Duty. Due to this, the price of gold and silver is very high.
Today gold is cheaper by Rs 1500, silver is expensive by Rs 3300
As soon as the finance minister announced a cut in customs duty on gold and silver, the February futures of gold on MCX were broken by Rs 1500. The price of gold had fallen by Rs 47200 in intraday. However, there is tremendous boom in silver. Silver futures on MCX are trading above Rs. 73300 per kg with a strength of over Rs. 3200.
Chance to buy cheap gold even today
There is no need to wait for gold to become cheaper. From today to February 5, you can buy cheap gold. The government is selling Sovereign Gold Bonds today, ie, from the budget day till 5 February. The Reserve Bank of India has fixed the value 4,912 per gram for the 11th series of sovereign gold bonds. Gold has become cheaper by almost 8000 rupees per 10 grams from its all-time high. Experts believe that this year gold can touch 63000 level.
